The BiLira company will launch TRYB, a stablecoin backed by the Turkish Lira, on Avalanche during the mainnet release. Previously, TRYB was limited to the Ethereum blockchain as an ERC-20 token; but now, with Avalanche, BiLira will offer fast, efficient, and secure transactions that will allow for greater scalability and user adoption.
The BiLira company is a stablecoin provider that has the vision to enhance access to the decentralized and peer-to-peer financial networks of tomorrow. Since launching a year ago, the company has over 1,500 users and 14 million tokens in supply.
TRYB can be minted at the time of deposit, issued upon identity verification, redeemed for fiat currency, and transferred on the network using the BiLira platform.
Avalanche is an open-source platform for launching decentralized applications, new financial primitives, and interoperable blockchains. Founded by Professor Emin Gün Sirer, Maofan Yin and Kevin Sekniqi, Avalanche allows anyone to easily create new private, public, permissioned or permissionless blockchains, called subnets; on Avalanche, developers can also define its own core logic and validator set–creating compliance and privacy by default. With interoperability built into the Avalanche protocol, the TRYB stablecoin can be swapped seamlessly on both Ethereum and Avalanche.
“We believe in the power of Avalanche, and we think it will revolutionize the blockchain ecosystem. With the transactional throughput north of 4,000 transactions per second and transactional finality under 2 seconds, Avalanche is bound to become a global standard for all stakeholders in the ecosystem.” — Vidal Arditi, COO of BiLira
The Avalanche platform is positioned to redefine open finance by enabling decentralized finance (DeFi) applications to be more expressive and to scale with global demand. With the top 5 stablecoins by market cap representing the US Dollar, there is still a need for other world currencies to be represented within the decentralized web.
“Avalanche’s performance and versatility, coupled with fiat pegged stablecoins like BiLira, can create a cryptocurrency alternative to the traditional foreign exchange markets. We’re excited to welcome BiLira to the Avalanche’s network, and expect to see many more innovative stablecoin projects like BiLira use Avalanche to push the boundaries of what’s possible.” — Emin Gün Sirer, Co-founder and CEO of AVA Labs
Just a year after launch, Avalanche has publicly released two test networks, including its final testnet with over 700 full block-producing nodes actively staking and participating in the consensus protocol. Avalanche is uniquely positioned to capitalize on the rapidly growing crypto assets user-base in Turkey and the global DeFi movement. It has already attracted contributions from a large pool of developers and will be launching the main network this summer.
BiLira’s vision is to offer every Turkish citizen a seamless connection to the decentralized internet. We believe that the future of the economy is going to be globally transparent, freely distributed and available to anyone who is willing to connect with the decentralized financial system. Our team emerged from our aspiration to realize this vision with the intent of empowering the citizens of Turkey.
Avalanche is an open-source platform for launching decentralized finance applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Developers who build on Avalanche can easily create powerful, reliable, and secure applications and custom blockchain networks with complex rulesets or build on existing private or public subnets.